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https://doi.org/10.22214/ijraset.2023.49627
International Journal for Research in Applied Science & Engineering Technology (IJRASET)
ISSN: 2321-9653; IC Value: 45.98; SJ Impact Factor: 7.538
Volume 11 Issue III Mar 2023- Available at www.ijraset.com
Abstract: The Indian Budget for the fiscal year 2023–24 would incorporate seven fundamental values and priorities known as
"Saptarshi," which will serve as a beacon for Amrit Kaal. The government's objective for this Amrit Kaal budget includes a
technology-driven and knowledge-based economy, as well as sound public finances and a thriving financial sector, according to
reports from the minister. This budget is the first to be passed under the Amrit Kaal. In Amrit Kaal's first budget, the Minister
adopted the following seven guiding principles and priorities: green growth, youth power, inclusive development, going the extra
mile, infrastructure and investment, maximizing potential, and financial sector.
I. INTRODUCTION
The FM said that this was the first budget presented at Amrit Kaal and that the government hoped to build on the framework of the
previous budget and the blueprint for India@100. The Indian economy has grown during the past nine years, moving up from 10th
to 5th largest in the world. According to a number of international indicators, we have greatly strengthened our reputation as a
country with sound governance, innovation, and a favourable economic environment. With regard to numerous Sustainable
Development Goals, we have achieved great progress. The economic plan for realising this vision focuses on three key areas: first,
creating enough chances for individuals, particularly young people, to realize their dreams; second, giving growth and job creation a
powerful boost; and third, enhancing macroeconomic stability. The Vision for 'Amrit Kaal' articulated in the Union Budget for FY
2023-24 is centered around:
©IJRASET: All Rights are Reserved | SJ Impact Factor 7.538 | ISRA Journal Impact Factor 7.894 | 1168
International Journal for Research in Applied Science & Engineering Technology (IJRASET)
ISSN: 2321-9653; IC Value: 45.98; SJ Impact Factor: 7.538
Volume 11 Issue III Mar 2023- Available at www.ijraset.com
A. Inclusive Development
The first part of Saptarishi is Inclusive Development. Three sections make up its division.
2) Health
The Union Budget, 2023–24 has introduced the following initiatives to enhance the healthcare sector:
a) Mission to eradicate "Sickle Cell Anemia" from India by 2047.
b) 157 nursing colleges are being built.
c) Novel initiatives to support pharmaceutical innovation and research through centers of excellence.
d) Facilities for public and private medical institutions and private sector R&D teams to conduct research at a few ICMR labs,
enabling joint research.
e) Interdisciplinary programmes at already-existing universities are needed to train workers to operate cutting-edge medical
technology in the future.
B. Green Growth
The Green Growth part of the 7 priorities includes developing sustainable alternatives for a healthier environment. Here is what it
includes:
1) Providing incentives to States and Union Territories under the PM-PRANAM (Programme for Restoration, Awareness,
Nourishment and Amelioration of Mother Earth) Yojana to encourage the use of alternative fertilisers. As part of the
Galvanizing of Bio-Agro Resources Dhan (GOBARdhan) effort to establish a circular economy, 500 "Waste to Wealth"
facilities will be built.
2) In accordance with the Environmental Protection Act of 1986, it is introducing a Green Credit Program to offer incentives for
sustainable actions by businesses, local governments, and individuals (EPA).
3) Launch of the Amrit Dharohar plan to use the country's wetlands in the best possible way.
4) In support of the Car Scrapping Policy, money is set aside to buy new government cars to replace the ones that are currently on
the road.
5) Encouraging the growth of battery-powered energy storage devices and coastal shipping as economical modes of transportation.
6) Create about 10,000 bio-inputs resource centers to encourage natural agricultural practices among farmers.
©IJRASET: All Rights are Reserved | SJ Impact Factor 7.538 | ISRA Journal Impact Factor 7.894 | 1169
International Journal for Research in Applied Science & Engineering Technology (IJRASET)
ISSN: 2321-9653; IC Value: 45.98; SJ Impact Factor: 7.538
Volume 11 Issue III Mar 2023- Available at www.ijraset.com
C. Youth Power
The Youth Power section of the 2023 Budget prioritises unlocking the potential of India’s youth. The highlights are as follows:
1) Launch of Pradhan Mantri Kaushal Vikas Yojana, or PMKVY, version 4.0. It includes educational programmes on topics like
artificial intelligence, 3D printing, robotics, coding, and more that will enable young people to build skills in line with market
demands.
2) Introducing the National Apprentice Promotion Plan, which will directly transmit stipend benefits to more than 47 lakh youth
over the course of the next three years.
3) 50 locations were chosen to become tourist hotspots for both domestic and international visitors. They will have access to high-
quality cuisine, security measures, tourist guides, and physical and virtual connectivity, all of which can be accessed via an app.
4) Construction of Unity Malls to offer locally produced goods in major cities or popular tourist destinations (Geographical
Indication) Labeled goods.
E. Financial Sector
As the name suggests, this Saptarishi objective focuses on enhancing the nation’s financial industry. Here are some of its main
points:
1) Updating the credit guarantee programme to give the Ministry of MSMEs more collateral-free loans up to Rs. 2 lakh crore.
2) In order to promote financial inclusion, encourage credit flow, and improve the stability of the economy's finances, a national
financial information registry should be established.
3) The Central Data Processing Center was established to provide effective central processing of documents and forms required by
the Companies Act.
4) To enable investors to claim unpaid dividends and unclaimed shares from the Investor Education and Protection Fund
Authority, an integrated IT platform will be built.
5) Introducing the Mahila Samman Bachat Patra, a one-time small savings programme for women. It is a deposit facility of up to
Rs.2 lakhs for a tenure of 2 years with a fixed interest rate of 7.5%.
©IJRASET: All Rights are Reserved | SJ Impact Factor 7.538 | ISRA Journal Impact Factor 7.894 | 1170
International Journal for Research in Applied Science & Engineering Technology (IJRASET)
ISSN: 2321-9653; IC Value: 45.98; SJ Impact Factor: 7.538
Volume 11 Issue III Mar 2023- Available at www.ijraset.com
II. CONCLUSION
The Union Budget 2023-24 is an all-inclusive plan that considers all aspects of the Indian economy. To sum it up, it surely can
guide India on the road to becoming one of the world’s most powerful economies.
1) Atmanirbhar Clean Plant Program, with a budget of 2200 crore, would be introduced to increase the supply of high-value
horticulture crops using disease-free, high-quality planting material.
2) 157 new nursing colleges will open in conjunction with the 157 medical colleges that have already been opertional since 2014.
3) For the 740 Eklavya Model Residential Schools, which will serve 3.5 lakh tribal students over the next three years, the Center
will hire 38,800 teachers and other personnel.
4) The expenditure for the PM Awas Yojana has been increased by 66% to more than Rs. 79,000 crores.
5) The Railways have received a capital budget of Rs. 2.40 lakh crore, which is the greatest spending ever and over nine times the
outlay from 2013–14.
6) The creation of the Urban Infrastructure Development Fund (UIDF) will make advantage of priority Sector.
7) Public agencies will use the Urban Infrastructure Development Fund (UIDF), which will be administered by the national
Housing Bank, to build urban infrastructure in Tier 2 and Tier 3 cities. It will be established by the use of the prioritized Sector
Lending deficit.
8) MSMEs, major corporations, and charitable trusts can use Entity Digi Locker to set up secure online document storage and
sharing.
9) To actualize a new variety of options, economic models, and employment potential, more than 100 laboratories will be set up
for the development of applications based on 5G services.
10) Under the GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) project, 500 new "waste to wealth" plants would be
built with a total investment of Rs 10,000 crore. Compressed biogas obligation of 5% should be implemented for everyone.
11) In the upcoming three years, the Center will assist one crore farmers in switching to natural farming. 10,000 Bio-Input Resource
Centers must be established to create a countrywide distributed network for the production of micro-fertilizers and pesticides.
12) The Pradhan Mantri Kaushal Vikas Yojana 4.0 will be introduced to train tens of thousands of youth in new age skills for
Industry 4.0, including coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.
13) To prepare young people for opportunities abroad, 30 Skill India International Centers would be established throughout several
States.
14) A credit guarantee programme for MSMEs will go into effect on April 1, 2023, with an injection of Rs 9,000 crore into the
corpus. This programme would permit an additional Rs 2 lakh crore of collateral-free guaranteed lending while also lowering
the cost of the credit by roughly 1%.
©IJRASET: All Rights are Reserved | SJ Impact Factor 7.538 | ISRA Journal Impact Factor 7.894 | 1171
International Journal for Research in Applied Science & Engineering Technology (IJRASET)
ISSN: 2321-9653; IC Value: 45.98; SJ Impact Factor: 7.538
Volume 11 Issue III Mar 2023- Available at www.ijraset.com
15) A central processing centre will be established to handle the many forms filed with field offices under the Companies Act,
allowing for a quicker response to businesses.
16) Mission to eradicate sickle cell anaemia is about to begin.
17) Collaborative public and private medical research will be promoted through a few ICMR labs to foster teamwork and
innovation.
18) A new programme to support pharmaceutical research will soon be introduced. The Senior Citizen Savings Program would
increase its maximum deposit amount from Rs. 15 lakh to Rs. 30 lakh.
19) Capital investment of Rs. 10 lakh crore, a sharp increase of 33% for the third year in a row, is being made to boost economic
potential and job creation, attract private investment, and act as a buffer against global headwinds.
The current year's economic growth is predicted to be 7%, which is the "most among all the major economies," according to the
Union Budget 24. Eventually, the budget is maintained at the target level of 6.4% in the revised projection for FY 2022–23 and is
decreased to 5.9% for the next fiscal budget.
REFERENCES
[1] https://www.indiabudget.gov.in/doc/OutcomeBudgetE2023_2024.pdf
[2] https://prsindia.org/files/budget/budget_parliament/2023/Union_Budget_Analysis-2023-24.pdf
[3] https://pib.gov.in/PressReleasePage.aspx?PRID=1895320
©IJRASET: All Rights are Reserved | SJ Impact Factor 7.538 | ISRA Journal Impact Factor 7.894 | 1172